advice and next step

adam_3-2

Hi all first post so please bare with me! I have been reading some of the articles on this site for a year or so but not the forums (wish I had now), anyhow I need a bit of advice. I have 9 CC's some with balances some without, I need to know what is the best next step as i need to do the following:

1. 2 cards are coming to an end of there BT 0% offer
2. I have a few to many balances to sort out each month although I don't have a problem with doing so (just a bit of pain)
3. I am concerned with the amount of cards I have and running out of 0% cards in the future.

It may help you to help me if you have a brief idea of what I have so here they are:

Cards I have.............Current Balance..........Limit...........state

Morgan Stanley.............£3100..................£3900......5.9% for life of balance
Barclays Card................£0.......................£3500
Mint............................£0.......................£4600
Capital One..................£0.......................£1000
Virgin..........................£3200..................£5000......0% runs out in 6 weeks
Marbles.......................£0.......................£9500
Sainsbury....................£1900..................£3500......0% runs out in 6 weeks
Goldfish.......................£0.......................£6880
Citi/Associates.............£0.......................£2000


As you see I have a few and have recently got rid of an EGG card as they were very awkward to deal with and made it very difficult for me to terminate my card.

So what would be the best course of action, I know I owe a fair amount of money and with my work sometimes I can pay off large amounts but I general make a £100 per month payment to each outstanding balance, I never spend on them anymore - well now and again and only on normal cards not BT cards, but I clear that amount that month (very strict on that now).

The immediate question is should I get rid of some of the cards and what 2 cards should I apply for, for the 2 cards which are about to run out of the 0% offer? Also should I get another and put the Morgan stanley on a 0% ?

Cards I am considering:

Texico
Abby
HSBC

thank you for any insight:)

zcaprd7

adam wrote:

As you see I have a few and have recently got rid of an EGG card as they were very awkward to deal with and made it very difficult for me to terminate my card.

Hmm, that wasn't the best move - Egg is needed as a conduit for free balance transfers to bank accounts?

Reaper

Get rid of all the cards where you have cleared the balance unless there is a good reason not to. Having lots of available credit counts against you as well as your actual debt.

The only exception to this rule is Egg - unfortunately the only card you got rid of. You should have kept this one as they give repeat 5 month 0% offers on each anniversary. O well, too late now.

Get rid of the cards asap by phone (just in case they make you an offer to keep you). Unfortunately the companies only update the CRAs once a month so it is probably too late to help you applying for new 0% cards.

Worry about the two coming to an end first. I'd leave the Morgan Stanley where it is for now as I think you will have enough problems covering the others.

As for which cards - any card not part of the groups you already have. If you have not yet tapped your bank for one and they do a 0% deal then go with them as they will give you the best limits.

It sounds as though you are being sensible with your spending, good luck paying it all off.

adam_3-2

thanks for your replies

Seems like I did make a bad move with EGG then. Can you re-apply to old companies once you have got rid of them? I realsie that may be a silly question but is it worth me re-applying to EGG for thier current 0% card?

As for the debt its not really a problem, its more of a case I am terrible at saving so I buy things on 0% cards and have them now and pay latter, as long as I dont pay interest I am happy

So first thing to do would be to get rid of all cards that have a £o balance on them, should I keep one for emergancys or for the occasional spend? IE I do buy a lot of things mail order and I like the sercurity of a CC - what would be the best to keep?

Oh and I bank with Barclays so no option there.

Thanks again for your help.

Galstonian

I don't think a return within 9 months (or was it a year?) is possible for Egg to consider you a new customer but I don't think there is any problem with saying "I changed my mind" except that you may have to go through the whole credit check process again with no guarantee of acceptance.

Reaper

adam wrote:

As for the debt its not really a problem, its more of a case I am terrible at saving so I buy things on 0% cards and have them now and pay latter, as long as I dont pay interest I am happy

Not a view I share, but if you must do it I urge you not to get into a position where you are dependent on being able to renew 0% deals. Otherwise one day you will be unable to get any more cards and you'll get hit by excessive credit card APRs on all your debts.

adam_3-2

Reaper agreed and one reason I want to get the debt lower in case that happens, I would like to get the debt onto just one card really.

Galstonain - thanks for your help, I think I will leave EGG for a while then, it was around 6 months ago I got rid of the card.

nikkig_3

Re Egg, I cancelled a card with them about 6 months ago also, but after reading all the postings on here reapplied for one on line last week and got a new one straight away with a limit of 10k, I have got the 0% bt etc so maybe you could try reapplying?

adam_3-2

Barclays Card................£0.......................£3500 Decided to keep this one for internet and holidays.
Mint............................£0................ .......£4600 Closed with no problems
Capital One..................£0.......................£1000 Closed with no problems
Marbles.......................£0.................. .....£9500 Closed with no problems it does show on there system for 90 days though.
Goldfish.......................£0................. ......£6880 Closed with no problems
Citi/Associates.............£0.......................£2000 Closed with no problems


Suprisingly none of them offered me a better rate or 0% offer and all were very nice to deal with. This is a very different story to what I had with EGG, when the lady on the phone practically told me I was sstupid for closeing the account. In hind sight she may have been right reading the above.

adam_3-2

Sorry to bring an old post back to light but I have had a bit of strange thing happen regarding Egg and the above may be relervant.

Out of the blue yesterday Egg have sent me a statment (in the post) and email to notify me of my new statement, telling me I owe them £20.43 saying my monthly direct debit has not been recieved?? Now I did and have conformation from them saying the account had been closed. Howwever I can access the account online and it seems I still have an account with them.

Now a couple of you said it would be wise to keep the EGG card, especially as I could get the anni 0% BT. What do you think would be a good cause of action regarding this?

Thanks for any help